Author Topic: 1099 MISC  (Read 1558 times)

hope2retire

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1099 MISC
« on: March 18, 2016, 07:57:12 AM »
Hi all,
Last year I received $750 for grant in patents with my previous employer and I received a 1099 MISC as well. This year I got $500 and  they said I will not receive 1099 MISC as it is less the $600. So what should I do, how to report it? or Do I have to report it in such a case? in the tax return. Confused. Any input is appreciated.

Thanks all
h2r

jwright

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Re: 1099 MISC
« Reply #1 on: March 18, 2016, 08:03:22 AM »
The requirement for the Payor is that they send you the 1099 if the amount is over $600.

The requirement for the receipient when filing the tax return is to include ALL worldwide income unless it is specifically excluded.  You would report the income the same way as if you did receive a 1099.  Either on Schedule C or Line 21 of your 1040.

hope2retire

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Re: 1099 MISC
« Reply #2 on: March 18, 2016, 08:22:20 AM »
OK. Can i report as 1099 Misc as i have the employer details from last year, only thing that will change is the amount. Can i just report it that way?

Thanks
h2r

slugline

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Re: 1099 MISC
« Reply #3 on: March 18, 2016, 08:29:03 AM »
Are you using tax software to prepare your return? If so, there's no need to "make up" a 1099-MISC. There will come a point where you will simply be asked to enter the amount of income that isn't included in the 1099-MISC forms that you do have.

jwright

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Re: 1099 MISC
« Reply #4 on: March 18, 2016, 08:29:42 AM »
OK. Can i report as 1099 Misc as i have the employer details from last year, only thing that will change is the amount. Can i just report it that way?

Thanks
h2r

Yes, but the employer details are irrelevant.  I guess your tax software asks you to enter that information, but there is no where on the return to report who is paying you. 

hope2retire

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Re: 1099 MISC
« Reply #5 on: March 18, 2016, 09:37:34 AM »
Thanks Jwright and slugline. Yes, Iam using Turbotax online. Will check it tonight to see if employer details are required fields in 1099 misc. then if not then well and good. Thanks again guys.

Thanks
h2r